Regulation
Ripple CEO calls for clear US crypto regulations: details
Tomiwabold Olajide
Ripple CEO Brad Garlinghouse highlights the urgent need for clear crypto regulation.
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In a recent statement, Ripple CEO Brad Garlinghouse highlighted the urgent need for the United States to develop clear and common-sense regulations for the cryptocurrency sector.
As the global crypto landscape continues to evolve, Garlinghouse emphasizes that the United States must not fall behind other leading economies that have already established comprehensive regulatory frameworks for digital assets.
Garlinghouse’s comments come at a time when the US crypto industry is grappling with regulatory uncertainty, with a lack of clear guidelines stifling innovation within the sector.
“It is essential that the United States catches up with other major economies and develops reasonable and clear rules for crypto,” Garlinghouse said. Ripple CEO’s call to action isn’t just about keeping pace with other economies; it’s about taking the lead in shaping the future of global finance.
The lack of clear regulation in the United States has led to numerous legal battles and significant uncertainty for crypto companies.
Ripple itself is currently embroiled in a high-profile lawsuit with the SEC over the sale of XRP tokens. The lawsuit is currently in the remedial phase, with key documents submitted during this phase, and the judge’s decision is now awaited.
The SEC is seeking nearly $2 billion in fines: $876 million in disgorgement, $198 million in prejudgment interest and $876 million in civil penalties, for a total of $1.95 billion. The outcome of this phase is expected to set a precedent for the entire industry.
As the crypto industry continues to mature, the need for sensible regulation becomes more and more evident. The United States has the opportunity to set a global standard for crypto regulation, but it must act quickly. The Ripple CEO’s message is clear: It’s time for the United States to step up and develop rules that reflect the innovation of the nascent crypto industry.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.